Donear Buys Mayur Suitings

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(L) Rajendra Agarwal, MD, Donear Industries with Avinash Bhargava, CFO, RSWM Ltd.

Donear Industries Ltd. is continuing on its buying spree. The company has bought Rajasthan Spinning & Weaving Mill’s branded fabric business `Mayur Suitings’.

According to a stock exchange filing, Donear has entered into an agreement for the purchase of current assets, intangible assets including distribution network, ancillary assets and trade receivables of synthetics fabric business of RSWM Limited on August 28, 2021.

The agreement has been approved by the Board of Directors at its meeting held on August 27, 2021.

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Said Riju Jhunjhunwala, CMD, RSWM Ltd., “I am happy and emotional to announce the sale of our branded fabric business `Mayur’ to Donear Suitings. I’m sure they will take the brand to new heights. Wishing the entire Donear family all the very best. And I hope the RSWM and Donear association grows further.”

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In 2017, Donear had taken over Grasim Bhiwani Textiles Ltd. and OCM Wollen Mills, making Donear the largest branded menswear fabric manufacturer.

In Q1FY21, Donear’s net sales at Rs 73.32 crore, were up by 255.81%, compared to Q1FY20. Quarterly net loss at Rs 3.64 crore, was up 39.63%, compared to Q1FY20. EBIDTA stands at Rs 1.95 crore in June 2021 quarter, up by 1292.86% compared to Q1FY20.

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